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ING and Zurich form Canadian alliance in asset swap deal

November 22, 2001 by Canadian Underwriter

ING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…

News InsuranceMergers and Aqcuisitions

Former Canadian Airlines CEO to head up ICBC

November 22, 2001 by Canadian Underwriter

British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…

News Insurance

Commercial insurance reassessed post-September 11

November 22, 2001 by Canadian Underwriter

In a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light…

News Insurance

Kingsway plans public offering of 7.5 million shares

November 21, 2001 by Canadian Underwriter

Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and…

News Insurance

Poll suggests public concerned with personal injury fraud

November 21, 2001 by Canadian Underwriter

A new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study…

News Insurance

Concern grows over U.S. terrorism pool as yearend approaches

November 20, 2001 by Canadian Underwriter

With the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling…

News Insurance

MPI gets rate approval

November 20, 2001 by Canadian Underwriter

Manitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped…

News Insurance

Scor premiums up 45% in third quarter

November 19, 2001 by Canadian Underwriter

Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the…

News Insurance

Broker consolidator Hub produces healthy 3-Q revenue and earnings gain

November 16, 2001 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted…

News Insurance

Allianz increases Sept. 11 loss estimate

November 15, 2001 by Canadian Underwriter

In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the…

News InsuranceMergers and Aqcuisitions

Chubb tops FSCO claims survey

November 15, 2001 by Canadian Underwriter

Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…

News Insurance

U.S. insurers issue terrorism exclusion endorsements countrywide

November 14, 2001 by Canadian Underwriter

Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to…